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Chase Coleman’s Tiger Global buys stake in LinkedIn

Tiger Global Management has recently purchased an estimated 1% stake in LinkedIn, the career networking website geared towards professionals. According to Bloomberg, Chase Coleman’s Tiger Global, which was seeded by Tiger Management’s Julian Robertson, spent $20 million to purchase the LinkedIn shares at $21.50 a share from existing shareholders.

Tiger Global and other hedge funds have recently begun purchasing larger stakes in private technology companies like LinkedIn that have the potential to go public with IPOs. In December of last year, Tiger Global purchased a stake in another internet company, Zynga Game Network. According to SharesPost Inc., LinkedIn is currently valued at $2.26 billion and has 105 million shares outstanding.